CapitaLand India Trust Q3 total property income up 10% at 5.1 billion rupees
This is due to higher rental income from existing properties and income contributions from acquisitions and completed developments, says manager
[SINGAPORE] CapitaLand India Trust (Clint) posted a total property income of 5.1 billion rupees (S$76 million) for its third quarter, up 10 per cent in Singapore dollar terms from the 4.3 billion rupees (S$68.8 million) in the same period a year earlier.
This was due to higher rental income from existing properties as well as income contributions from acquisitions and completed developments, said the manager in a Q3 business update on Friday (Oct 31).
Net property income also rose 10 per cent year-on-year in Singapore dollar terms to 3.9 billion rupees for the quarter, from 3.3 billion rupees in Q3 2024. This was due to higher property income, partially offset by an increase in total property expenses.
Portfolio occupancy stood at around 91 per cent, while its weighted average lease expiry was 3.6 years as at Sep 30. Net gearing ratio stood at 40.9 per cent and average cost of debt fell from 6 per cent to 5.8 per cent.
Commenting on the impact of the US implementing a US$100,000 H1-B visa fee, the manager said it could have “positive spillover effects by increasing the pool of high-skilled workers staying in India”.
Additionally, it said that only 2 per cent of India’s GDP was dependent on US demand in light of the 50 per cent tariffs implemented by US President Donald Trump on India.
Units of Clint were down 1.6 per cent or S$0.02 on Thursday to close at S$1.20.
